How To Cancel Best Buy Credit Card

Best Buy credit cards offer a convenient means to finance significant purchases at Best Buy, particularly when you can benefit from promotional financing deals. Nevertheless, there might be a point when you no longer require or desire your Best Buy credit card.

Whether you aim to streamline your financial matters or are dissatisfied with the card’s terms or customer service, canceling it is a relatively simple procedure. However, it is crucial to comprehend the potential effects on your credit score and ensure that you have completed all essential measures to avoid future charges and close the account correctly.

How To Close Best Buy Credit Card?

Follow these steps for smooth cancellation of your best buy Credit Card:

Pay Off Your Balance:

1. The first and most important step is to make sure that you have completely paid off your card balance.

2. Keep in mind that it is not possible to close a credit card account that still has a balance.

3. Utilize Best Buy’s online account management tool to easily check your balance.

4. If needed, make a payment to fully clear your balance.

5. By completing these steps, you will be ready to proceed with the cancellation process. It is crucial to begin the process with a balance of zero to prevent any complications.

Redeem Any Remaining Rewards

1. Prior to closing your account, ensure that you have claimed all remaining rewards.

2. Keep in mind that closing your account will result in the forfeiture of any unredeemed rewards.

3. Verify your rewards balance either online or by contacting Best Buy customer service.

4. Utilize your rewards for eligible purchases at Best Buy.

5. By redeeming your rewards prior to closing your account, you guarantee that you do not miss out on any advantages.

Also Read: How To Cancel TJ Maxx Credit Card

Call Best Buy Customer Service:

1. Contact the customer service number provided on the reverse side of your Best Buy credit card.

2. Proceed with the automated instructions to connect with a customer service representative.

3. Kindly ask the representative to assist you in closing your account.

4. Ensure to verify the closure of your account with the representative.

Contact details:

Upon successfully completing these steps, your Best Buy credit card account will be officially closed.

Conclusion:

Closing your Best Buy credit card is a significant decision that can have an impact on your credit score. Your credit score is influenced by factors such as the length of your credit history and the amount of available credit you are utilizing. When you close a credit card, especially one with a high credit limit or that you have had for a long time, it can cause your credit score to decrease. Therefore, it is essential to carefully consider your reasons for wanting to close the card and ensure that it is the best decision for your financial situation.

Read More: How To Cancel Academy Credit Card

To close your account in an organized, efficient, and thorough manner, you can follow the steps outlined in this blog. These steps include paying off your balance, redeeming any remaining rewards, preparing for the call, and contacting Best Buy customer service to request the closure of your account. Once you have closed your account, it is advisable to check your credit report to confirm that the account is reported accurately as closed and that there are no outstanding balances or other issues. Remember, maintaining a healthy credit score is a crucial aspect of financial planning. Best of luck with your financial planning endeavors!

Video Guide For Cancelling Best Buy Credit Card

FAQs

Does Cancelling Best Buy credit card affect credit score?

Keeping your Best Buy card open and maintaining a good standing will have a positive impact on your credit score. By closing your Best Buy account, you will decrease the average age and combined credit limits of your credit card accounts, potentially leading to a decrease in your credit score.

Is there an annual fee for Best Buy credit card?

The Best Buy Visa Platinum card does not require an annual fee, whereas the My Best Buy® Visa® Gold Card comes with a $59 annual fee. This card offers a variable APR ranging from 15.75% to 31.49% and a balance transfer fee of either $15 or 5% of the transferred amount, whichever is higher.

How do I cancel my credit card without hurting my credit?

It is possible to cancel a credit card without negatively impacting your credit score. To safeguard your credit score, it is crucial to prioritize paying off credit card balances, not just the one you intend to cancel. The closure of a credit card will not have any impact on your credit history, which plays a role in determining your overall credit score.